Australia’s trade surplus in August, higher than expected

Australia’s trade surplus of $1.716 million exceeded expectations in August increasing $12 million from July 2018, according to the Australian Bureau of Statistics (ABS).

Trade

It was estimated to drop to $1.400 million from the previous month’s $1.551 million.

In trend terms, the balance on goods and services was a surplus of $1,716 million in August 2018, an increase of $121million on the surplus in July 2018.

According to ABS data, the balance on goods and services was a surplus of $1.604 million in August 2018, an increase of $56 million on the surplus in July 2018, in seasonally adjusted terms.

ABS data shows, goods and services credits rose 1% to $36.562million, with non-monetary gold rising 13% to $228million.

Trade was worse in non-rural areas, with goods falling $222 million, while net exports of goods under merchanting remained unchanged at $18 million. Services credits rose 1 % at $45 million.

In seasonally adjusted terms, goods and services debits rose $130 million to $34.958 million, while capital goods rose 9% to $569 million and consumption goods rose $32 million.

Non-monetary gold took a fall of 41% to $289 million and intermediate and other merchandise goods fell 2% $264 millon. Services debits rose 1% $83 millon.

Analysts say the dollar was unaffected, despite the better than expected trade data.

The Australian dollar was trading low at 0.7090 against the US dollar upon the news.

This information has been prepared by IG, a trading name of IG Markets Limited. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients.

Find articles by writer